Income Verification

Ariel · by **Ariel** » 19 Jun 2010, 18:43

I want to refinance but I know a few months ago I was declined even though I have good credit, because the banks had changed the rules so that you can't go stated income and by provided my tax returns it showed my income too low (due to tax right-offs since I'm self employed however I've never been late with any payment and make good money). So, are those restrictions still in place?

Lucas · by **Lucas** » 19 Jun 2010, 18:43

Here are the big things that will determine if you can get a stated income loan these days.
1) Equity - You will need 20-25% in the house
2) Credit score - 720+
3) Reserves or assets - You'll need 6+ months worth of mortgage payments.

As hard as may be to believe there are a few portfolio lenders that still offer stated income loans.

Kimbra · by **Kimbra** » 19 Jun 2010, 18:43

How can I get a income tax verification for a lender?

I dont work, Im a full time student.

Penni · by **Penni** » 19 Jun 2010, 18:43

If you don't work, and don't have any income, then you can't get an income tax verification.

If you don't have any income you are going to have a tough time getting a loan of any sort unless you have a co-signer.

Income Verification

Can someone without income verification get a mortgage loan?

How can I get a income tax verification for a lender?

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